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Western Bulk Chartering AS - Third Quarter 2016 Results

The Group had a significant improvement in performance from Q2-16 to Q3-16, with both increased Net TC and operated fleet.

The Net TC result improved from the very weak level of USD -5.4 million in Q2-16 to USD 0.9 million in Q3-16. At the same time the operated fleet increased from 109 vessels in Q2-16 to 126 vessels on average for Q3-16 and was steadily increasing throughout the quarter, with 138 vessels operated on average in September.

The Group continues to increase its market presence, and has during Q3-16 seen another 3 persons joining the US Gulf business unit in Miami. In addition, an office in Morocco has been opened to support new business in the West Africa area. Both of these markets have great potential for the Group looking forward.

Further strengthening of the equity and cash position of the Group
To strengthen the book equity and cash positon of the Group, Western Bulk Chartering AS will raise USD 15 million in additional equity from existing shareholders in a private placement. The transaction is backed with a subscription and guarantee agreement from the two largest shareholders; Kistefos AS and Ojada AS, which are guaranteeing USD 13.8 million and USD 1.2 million respectively. In connection with the equity transaction, the Group has requested the bond holders to approve certain amendments in the bond loan agreement. The request has already been pre-accepted by a majority of the bond holders, ahead of the bond holder meeting to be held on or about 15 December 2016 to approve the requested changes.

"I am pleased to see the positive development in our margins and the operated fleet. After an extremely challenging first half of the year, the business is moving in the rigth direction with good support from our business partners, shareholders and dedicated staff" says Jens Ismar, Chief Executive Officer of Western Bulk Chartering.


Please read more in the attached quarterly report.

Western Bulk Chartering AS Q3 2016 report

For more information, please contact:
Jens Ismar, Chief Executive Officer
Tel: +47 9009 0897